OFWs Here’s How to Open PERA Investment Retirement Accounts

You work hard abroad, away from family so it is only right that you will enjoy the days when you retire. But you’ve got to prepare for it. Overseas Filipino Workers like you are encourage to invest, save, and prepare for retirement by opening a PERA account for a brighter future.

If you want to know what is PERA offered in the Philippines and the benefits and tax breaks that you can enjoy, read this separate article on PERA Details.

OFWs can open a PERA savings / investment account even if you are not here in the Philippines. The PERA LAW allows Overseas Filipino Workers to become a contributor–investor through these means:

Account opening via personal appearance

Account opening via spouse (your husband / wife)

Account opening via child (son / daughter)

OFWs are allowed maximum amount of P200,000 for investment in PERA per year. Non-OFWs are only allowed maximum of P100,000 annual contribution to this provident savings retirement account.

How to open PERA account if the OFW is NOT in the Philippines?

If you are an OFW and you want to open a PERA investment account but you are currently abroad, you can request your spouse or your child to go to an Administrator Bank to open the for you.

Currently, BSP designated administrator bank are BPI and BDO. iSensey recommend you or your representative to call your preferred bank first to ask for specific requirements. The bank may have additional requirements not listed below.

PERA OPENING REQUIREMENTS by the OFW Individual

Any official document showing that you will earn or has earned income in a foreign country in the year of the PERA contribution.

PERA OPENING via Spouse (OFW husband or wife)

Submit Marriage certificate attesting marriage with the OFW. (It is not clear whether the required MC is a NSO issued Marriage Certificate).

Sworn certification that the spouse is opening a PERA for and in behalf of the OFW who has not availed of the benefits under the PERA Act.

Supporting documents attesting OFW status. See Section A above.

PERA OPENING via Child of the OFW

Submit the birth certificate attesting that he/she is the child of the OFW.

Submit sworn certification that the child is opening a PERA for and in behalf of the OFW who has not availed of the benefits under the PERA Act, or the spouse of the OF has not availed of the benefits under the PERA Act

Supporting documents attesting OFW status. See Section A above.

*Call your preferred PERA administrator bank before you go visit them as they may have additional requirements not listed above. Also don’t forget to bring your valid government ID!

Protect the hard-earned money you earned from working outside the country. As early as today prepare for your retirement. Become a qualified PERA contributor and enjoy the benefits and perks.

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Comments

You need to submit all requirements for Individual account: OEC certificate + your job contract. Although not under the official list of requirements for PERA account opening but the bank may ask you to present valid ID (you can use your passport).